by American Insurance News Release on Oct 9, 2018
A proposal for a (minus) -4.2 percent overall rate change to Idaho workers’ compensation insurance, effective January 1, 2019, has been approved by the Idaho Department of Insurance. The proposed rate change comes from the National Council on Compensation Insurance (NCIC). NCCI annually collects information about Idaho’s workers’ compensation system and submits proposed rates to the Department of Insurance for review and approval. Once adopted, the workers’ compensation insurance rates are used in Idaho by all insurance companies and the State Insurance Fund.
“We are pleased to announce this reduction, a move which will benefit Idaho businesses, their employees and the economy in general,” said Director Dean Cameron. “The change in the 2019 workers’ compensation rates reflects an improvement in our state rating factors, including a slight decline in both the frequency of claims for lost work time, and the average cost of those claims.”
Employers should see this rate relief in 2019 on the annual renewal date of their policy. Idaho employers are required to maintain statutory workers’ compensation insurance coverage for the benefit of their employees and uninsured independent contractors. The state’s workers’ compensation benefit system is designed to cover medical costs associated with workplace injuries. It also provides wage replacement benefits to injured workers for lost work time.
Source: Idaho Department of Insurance, News Release – 10/02/2018, Workers’ Compensation Rates to Decrease in Idaho for 2019